Avnet, Inc. (AVT) to Issue Quarterly Dividend of $0.18 on September 15th
Avnet, Inc. (NYSE:AVT) announced a quarterly dividend on Friday, August 11th, RTT News reports. Stockholders of record on Wednesday, September 6th will be given a dividend of 0.18 per share by the technology company on Friday, September 15th. This represents a $0.72 annualized dividend and a dividend yield of 1.90%. The ex-dividend date is Friday, September 1st.
Avnet has raised its dividend payment by an average of 31.4% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Avnet has a payout ratio of 22.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Avnet to earn $3.69 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 19.5%.
Avnet (AVT) opened at 37.97 on Thursday. Avnet has a 12-month low of $35.67 and a 12-month high of $51.50. The stock has a market capitalization of $4.67 billion, a PE ratio of 9.29 and a beta of 1.04. The company’s 50-day moving average is $38.23 and its 200 day moving average is $40.93.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.07. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.48 billion. During the same quarter in the prior year, the company posted $0.86 earnings per share. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, equities research analysts expect that Avnet will post $3.24 earnings per share for the current fiscal year.
In other Avnet news, Director James A. Lawrence purchased 408,451 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were bought at an average price of $36.99 per share, for a total transaction of $15,108,602.49. Following the acquisition, the director now owns 416,549 shares in the company, valued at $15,408,147.51. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director J Veronica Biggins sold 10,600 shares of the stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $37.10, for a total transaction of $393,260.00. Following the completion of the transaction, the director now owns 12,191 shares in the company, valued at approximately $452,286.10. The disclosure for this sale can be found here. 1.47% of the stock is currently owned by corporate insiders.
Several research firms have recently issued reports on AVT. BidaskClub downgraded shares of Avnet from a “sell” rating to a “strong sell” rating in a report on Saturday, August 5th. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Deutsche Bank AG restated a “hold” rating and set a $39.00 price objective (down previously from $40.00) on shares of Avnet in a report on Thursday, August 10th. ValuEngine downgraded shares of Avnet from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Bank of America Corporation downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $44.00 to $40.00 in a report on Friday, July 14th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $42.11.
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Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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